Today most lenders will want 30-40% down payment. 

Hey,If "building class designation" is the same as zoning, then this seems like it can definitely be appraised as a two family, with both the legal and actual designation as a two family.Depending where in NYC, that may not help your valuation, as primary residences sometimes sell for more than investment properties, so check that out before challenging the appraisal and definitely before paying for another one.Double check all this with your lender/broker as well.Best of luck!

This pretty much wipes out any conventional lender. 

This might be the only option depending on what the rental numbers truly look like, I would get ahold of some lenders ASAP to see what this cost looks like! 

Many lenders are using an internal construction loans to replace Homestyle, ChoiceReno, and 203k out of simplicity.

That way you avoid using a lender and do not have to pay lender or loan officer points.  

You could build that in phases and finish the first 4 and then get your lender to do a construction loan on phase 2. 

To prove payments you could simply show your latest statement to the lender denying you hundreds of thousands of dollars.

Hi Shakti, As a lender we do work with US-visa holders as long as they have an established credit score in the US.

Right now, Dec 2024, on an investment property 4 unit there are some DSCR lenders with rates better than Fannie/Freddie.